"The principal factors behind this include an improved top line revenue performance and a greater focus on cost control at the hotel."

On this year to date, Mr Doherty added: "Revenues continue to increase in 2017 whereby we are forecasting to achieve strong overall growth on last year in terms of both turnover and profitability.

"Now that the hotel has reached its 10-year anniversary and is performing strongly we are currently considering further development opportunities." Turning to the possible fallout from Brexit, Mr Doherty said: "The impact was minimal during 2016 - the level of UK business was fairly constant but as other markets grew, the UK declined slightly in terms of its market share of overall revenue."

He added: "This trend has continued in 2017 largely due to the fall in the sterling foreign exchange rate since the Brexit vote and the higher level of US visitors."